President Trump is reportedly pushing for higher blanket tariffs on imports from the European Union, throwing a wrench in negotiations ahead of an Aug. 1 deadline for sweeping duties to take effect. The Financial Times reported that Trump wants a minimum of a 15% to 20% tariff on EU goods as part of any deal.

Trump has escalated his demands on the EU following weeks of negotiations over a possible framework deal, the FT reported.

Donald Trump has escalated his demands in trade negotiations with the EU, pushing for a minimum tariff of 15 to 20 per cent in any deal with the bloc, according to three people briefed on the talks.

The Trump administration is imposing a substantial tariff on a raw material that is critical for electric vehicle batteries, which could significantly raise the cost of building EVs in the United States.

Shares of non-Chinese graphite producers surged on Friday after the US announced anti-dumping duties of 93.5 per cent on imports from China of a mineral vital to batteries in electric vehicles. Australia-listed Syrah Resources,